Share Class
LU1299306834
Key documents
Asset Allocation
Bonds64.4 %
Other35.6 %
Data as of: Apr 30, 2025.
Risk Indicator
1
2
3
4
5
6
7
Lowest risk
Highest risk
Recommended Minimum Investment Horizon
2 years
Cumulative Performance since launch
Cumulative Performance 10 YearsCumulative Performance 5 YearsCumulative Performance 3 YearsCumulative Performance 12 Months
+ 29.7 %
-
+ 19.6 %
+ 17.0 %
+ 6.2 %
To 07/05/2025
Calendar Year Performance 2015Calendar Year Performance 2016Calendar Year Performance 2017Calendar Year Performance 2018Calendar Year Performance 2019Calendar Year Performance 2020Calendar Year Performance 2021Calendar Year Performance 2022Calendar Year Performance 2023Calendar Year Performance 2024
- 0.2 %
+ 3.2 %
+ 1.9 %
- 0.6 %
+ 6.5 %
+ 3.5 %
+ 0.8 %
- 2.8 %
+ 6.0 %
+ 6.7 %
Net Asset Value
129.65 $
Asset Under Management
1 992 M €
Modified Duration
30/04/2025
1.7
SFDR - Fund Classification
Article
8
Data as of: Apr 30, 2025.
Data as of: May 7, 2025.
Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged. The Sustainable Finance Disclosure Regulation (SFDR) 2019/2088 is a European regulation that requires asset managers to classify their funds as either 'Article 8' funds, which promote environmental and social characteristics, 'Article 9' funds, which make sustainable investments with measurable objectives, or 'Article 6' funds, which do not necessarily have a sustainability objective. For more information please refer to https://eur-lex.europa.eu/eli/reg/2019/2088/oj.
Carmignac Portfolio Sécurité fund performance
Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.Our monthly comments
Data as of: Apr 30, 2025.Fund management team
![[Management Team] [Author] Allier Marie Anne](https://carmignac.imgix.net/uploads/NextImage/0001/18/%5BManagement-Team%5D-Allier-Marie-Anne.png?auto=format%2Ccompress&fit=fill&w=3840)
Marie-Anne Allier
Fund Manager
![[Management Team] [Author] Guedy Aymeric](https://carmignac.imgix.net/uploads/NextImage/0001/18/Guedy_Aymeric_HD-400x400.jpg?auto=format%2Ccompress&fit=fill&w=3840)
Aymeric Guedy
Fund Manager
Performance commentary
- In a highly volatile environment, the fund delivered a positive absolute performance, slightly down compared to its benchmark.- On the sovereign bonds bucket, our long positions on European rates had an overall positive impact as rates eased. However, our short positions on French rates contributed negatively to the fund's performance.
- In credit, our hedges partially offset the widening of risk premiums. We partially took profits on these after the volatility shock at the beginning of the month before rebuilding this protection at the end of the month as credit spreads narrowed.
- Finally, the portfolio benefited from our broad exposure to money market instruments, while our selection of collateralized loan obligations (CLOs) had a neutral impact this month.
Outlook strategy
- We adopted a dynamic stance on modified duration management in April, shifting it from 1.7 to 2.0 at the beginning of the month at the height of the volatility shock, before returning to 1.8 following the sharp decline in European rates.- The combination of attractive carry offered by our corporate bonds and the credit protection we had built in beforehand provided a real buffer in this environment of widening risk premiums, enabling our credit portfolio to contribute positively in April.
- We continue to see attractive potential in credit assets. We are also maintaining protection on the credit market (iTraxx Xover), as markets are trading at tight levels amid economic and geopolitical uncertainty.
- On the other hand, we are taking a cautious stance on rates, particularly in Europe, where we favor a yield curve steepening strategy amid fiscal expansion in Europe.
- Finally, we are maintaining a significant allocation to money market instruments, which are an attractive source of carry with limited risk.
Performance Overview
Data as of: May 7, 2025.Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Morningstar Rating™ : © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.Until 31 December 2020, the reference indicator was the Euro MTS 1-3 years. Performances are presented using the chaining method.The return may increase or decrease as a result of currency fluctuations, for the shares which are not currency-hedged.
Source: Carmignac at 09/05/2025
Carmignac Portfolio Sécurité Portfolio overview
Below is an overview of the composition of the portfolio.Asset Allocation
Data as of: Apr 30, 2025.| Bonds | 64.4 % |
| Money Market | 30.4 % |
| Cash, Cash Equivalents and Derivatives Operations | 5.2 % |
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Key figures
Below are the key figures for the Fund, which will give you a clearer idea of the Fund's management and bond positioning.Exposure Data
Data as of: Apr 30, 2025.Modified Duration1.7
Yield to Maturity4.4 %
Average Coupon3.1 %
Number of Issuers202
Number of Bonds326
Average RatingA-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.
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The strategy in a nutshell
Fund Management Team
Marie-Anne Allier
Fund Manager
Aymeric Guedy
Fund Manager
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Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.
The information presented above is not contractually binding and does not constitute investment advice. Past performance is not a reliable indicator of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor), where applicable. Investors may lose some or all of their capital, as the capital in the UCI is not guaranteed. Access to the products and services presented herein may be restricted for some individuals or countries. Taxation depends on the situation of the individual. The risks, fees and recommended investment period for the UCI presented are detailed in the KIDs (key information documents) and prospectuses available on this website. The KID must be made available to the subscriber prior to purchase.). The reference to a ranking or prize, is no guarantee of the future results of the UCITS or the manager.
Market environment